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Swiss bank Credit Suisse in Zurich. archive photo

Swiss central bank announces takeover of Credit Suisse by UBS

ZURICH, March 19 – RIA Novosti. Switzerland’s largest bank, UBS, will incorporate Credit Suisse, which is in crisis. Press release Swiss National Bank (SNB).

“Today, UBS announced the acquisition of Credit Suisse. This has been made possible by the support of the Swiss Federal Government, the Swiss Financial Market Supervisory Authority FINMA and the Swiss National Bank.”

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It is stated that the SNB will provide substantial assistance to UBS such as 100 billion Swiss francs ($108 billion) of liquidity to support the takeover of Credit Suisse.

“With the acquisition of Credit Suisse UBS, a solution has been found to ensure financial stability and protect the Swiss economy in this exceptional situation,” the press release said.

On Tuesday, financial commentator and bestselling author of “Rich Dad Poor Dad” Robert Kiyosaki said the next bank to fail after the US Silicon Valley Bank (SVB) collapse would be Credit Suisse, one of Switzerland’s largest banks. He accurately predicted the collapse of American banking giant Lehman Brothers in 2008.

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The Saudi National Bank, the main shareholder of Credit Suisse Group, later dismissed the possibility of bailing out the Swiss bank, citing legal concerns.

Against this backdrop, Credit Suisse shares fell 24.2 percent at close of Wednesday to 1.7 Swiss francs per security, with the decline exceeding 30 percent at the time of trading. The bank also said it would borrow 50 billion Swiss francs (about $53.7 billion) from the SNB.

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Source: Ria

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